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CreditWhat Is Credit? A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score by Fair Isaac. The FICO score ranges from 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula. Here is a percentage breakdown of a FICO score:
35% - Payment History 30% - Debt Ratio 15% - Length of Credit History 10% - Types of Credit 10% - Number of Credit Inquiries
Click here to learn more about Establishing Credit At Alliance Mortgage Funding, Inc, we offer a variety of lending products to meet the varied needs of each of our customers. Many borrowers mistakenly assume that a poor credit score will keep them from getting a loan. However, we recognize that you are more than your credit rating. We have solutions that take other factors into account and give you the chance to rebuild your credit and move on with your life. Click here to receive a FREE copy of Consumer Credit Scoring Booklet Or Click here to begin the application process
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